Hello 👋 how can I buy coins from a exchange without submitting my national Identity card or BVN number? As for those who did this how safe is it? I don't have anything against verification but I am not sure its safe or am I wrong about its safety?.
Most of the exchange platforms require that you pass KYC to buy cryptocurrencies and to trade and there is no harm to you, the exchanges do this to prevent money laundering and to prevent scams so do not worry at all and submit documents while you are assured, or you can deal on decentralized platforms such as Bisq.Network or you can deal through escrow in this Forum and buy from people, or if you want to buy bitcoin then you must have altcoins where you can buy bitcoin through ShapeShift without verification.
Exchange like Kucoin doesn’t require users to KYC but with limit amount per day. But the limited amount is already enough for normal traders that has a normal balance. It’s true that KYC purpose is for the AML requirements of the exchange that needs to be submit on regulators that provides them license to operate. Buying P2P here in the forum is very hassle unless you are very trusted and other party can send you directly first the token to save escrow fee but it’s not advisable on buying and selling to stranger because it’s very hassle base on my experience before.
Kucoin is my preferred exchange when it comes on trading without KYC. I’m only comfortable submitting KYC on huge exchange since some mediocre exchange already have a reputation on leaking KYC info to sell in the deepweb market.